white paper

Evaluating measures to prevent financial crime during COVID-19

The COVID-19 impact on financial crime compliance (FCC) has been significant. From fake Novel Coronavirus themed websites and mails, bogus charities, to fraudulent investment opportunities and phishing to social engineering attacks – criminals are leaving no stone unturned to dupe innocent people. Moreover, many of these charities are a front for money-laundering leading to greater risks. Regulatory agencies too have released advisories directing banks to remain vigilant and take steps to avoid financial crime during COVID-19. It has thus become imperative for banks to take appropriate measure aimed at preventing financial crime during the COVID-19 crisis. Such measures could include:

Designing new detection models to identify changes in customer behavior during disasters

Incorporating new typologies into FCC frameworks to cover different types of frauds and scams

Expanding the scope of adverse media screening to cover hoarding and racketeering

Adopting innovations such as digital identities and digital onboarding